Mr. Andre Itwaru reports
FIRST GLOBAL ESTABLISHES FINTECH PRESENCE IN INDONESIA
First Global Data Ltd. has established First Global Indonesia, which is based in Jakarta. Indonesia will serve as First Global’s hub for financial technology initiatives in the region.
The company is also pleased to announce the appointment of Rajeev Verma as chief executive officer of First Global Indonesia. Mr. Verma is currently working closely with the First Global India team to deploy fintech initiatives in Indonesia utilizing the PayQwik brand.
First Global intends to provide a similar variety of mobile payment opportunities in the Indonesian market including the payment of bills, bricks and mortar merchant payments, bus, airline and rail payments, and others. Targeted sectors include but are not limited to banking, telecommunications and e-commerce.
It was important and timely to establish an Indonesian footprint as very large Chinese enterprises are looking to gain a foothold in Indonesia and other countries in the region. First Global’s partnership model provides FINTECH pathways for larger enterprises to fast track their respective businesses in the Indonesian and regional geographic segment.
According to World Bank, Indonesia ranked 14th among the world’s recipients of migrant remittances in 2015, with an estimated $10.5 billion sent from its workers living abroad.
Also, according to Himelda Renuat, a writer for The Jakarta Post, the Financial inclusion index for 2014 shows that only 36% of adults in Indonesia have bank accounts which means approximately 120 million adults are categorized as unbanked.
According to Emarketer, the number of smart phone users will rise to 92 million in 2019. Currently Indonesia has become the third largest smartphone market in the Asia Pacific region.
The opportunity for First Global in Indonesia and in the region is large given the necessity for mobile payment and remittance FINTECH solutions.
Andre Itwaru, Chairman and CEO, comments, “Setting up a FINTECH presence in Indonesia is timely and opportunistic. Indonesia currently suffers from low FINTECH penetration and it is our intent to exploit this opportunity with our cutting edge technology. Because of a very large population base, Indonesia provides scale and scope for FINTECH pursuits and provides us with a solid base for regional deployments.”
About First Global: (www.firstglobaldata.com)
First Global is an international financial services technology (“FINTECH”) company. The Company’s two main lines of business are mobile payments and cross border payments. First Global’s proprietary leading edge technology enables the convergence of compliant domestic and cross border payments, shopping, Peer to Peer (“P2P”), Business to Consumer (“B2C”), and Business to Business (“B2B”) payments. First Global enables its strategic partners and clients around the world with our leading edge financial services technology platform.
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